Streetbeat News

DVN

Devon Energy Corporation

https://www.devonenergy.com

Industry

Oil & Gas Exploration & Production

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

Open

34.00

Mkt cap

22B

Volume

8.5M

High

34.25

P/E Ratio

6.27

52-wk high

55.09

Low

33.39

Div yield

0.04

52-wk low

33.39

Truist Securities analyst Neal Dingmann maintains a Buy rating on Devon Energy (DVN) but lowers the price target from $69 to $67.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:55 pm

Deep-pocketed investors have shown a bearish sentiment towards Devon Energy (NYSE:DVN), with a significant increase in options activity reported by Benzinga. The data reveals 44 unusual options activities, with a majority being puts. The focus is on a price band between $47.5 and $57.5. Despite this bearish outlook, 5 market experts have issued positive ratings for DVN, with a consensus target price of $65.2. The current market status shows DVN's price slightly down at $50.34, with an RSI indicating it may be approaching oversold territory.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 6:47 pm

Devon Energy (NYSE:DVN) has been the subject of 17 analyst ratings over the last three months, showing a diverse range of opinions from bullish to bearish. The average 12-month price target for DVN has been raised to $60.18, indicating a 6.57% increase from the previous target. Analysts have adjusted their ratings and price targets based on market conditions and Devon Energy's performance, with most actions being upgrades. Devon Energy, a major player in North America's energy sector, faces challenges in revenue growth and net margin but excels in ROE and ROA, despite a high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 1:00 pm

Mizuho analyst Nitin Kumar maintains a Buy rating on Devon Energy (DVN) and raises the price target from $53 to $57.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:48 am

Devon Energy (NYSE:DVN) reported Q1 earnings of $1.16 per share, surpassing the $1.11 estimate, and sales of $3.60B, exceeding the $3.47B estimate. This represents a decrease from last year's earnings and sales.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:41 pm

Devon Energy announced the addition of a 4th Delaware completion crew in January, leading to a capital program in 2024 that will be weighted towards the first half of the year. This adjustment is expected to increase Q2 production to 670K-690K BOE per day and raise capital spending to approximately $950M for the quarter.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:26 pm

Devon Energy (DVN) is raising its FY24 production forecast by 2% to 655,000-675,000 barrels of oil equivalent (BoE) per day, with no increase in capital spending. The company plans to achieve this with capital expenditures of $3.3B-$3.6B, marking a 10% decrease from 2023.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:25 pm

Devon Energy (DVN) reported Q1 adjusted earnings of $1.16 per share, surpassing the analyst consensus estimate of $1.11 by 4.5%. However, this represents a 20.55% decrease from the $1.46 per share earned in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:16 pm

US stocks showed mixed performance ahead of the Federal Reserve meeting, with the S&P 500 and Nasdaq 100 experiencing slight declines, while the Dow Jones saw gains. Advanced Micro Devices (AMD) reported less optimistic Q2 guidance, causing its shares and those of Nvidia (NVDA) to fall. The ADP report indicated strong private job additions, but the ISM Manufacturing Index fell into contraction. Bitcoin also saw a significant drop. Various companies reacted to earnings reports, influencing their stock prices.

Portfolio Pulse from Piero Cingari

May 01, 2024 | 5:07 pm

Wall Street is expected to open lower due to AMD's disappointing earnings, impacting the tech sector and broader market. However, the Federal Reserve's interest rate decision and Chairman Jerome Powell's press conference could influence the market's direction. Analysts see the April market pullback as a correction, setting the stage for a potential summer rally. Premarket trading saw SPDR S&P 500 ETF Trust and Invesco QQQ ETF decline. Economic data and bond yields have pressured stocks, with major indices ending lower in the previous session. Analysts anticipate Powell's guidance on rate outlook and expect a summer rally, considering it's an election year.

Portfolio Pulse from Shanthi Rexaline

May 01, 2024 | 10:44 am

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